As a small business owner, you need to ensure that your compensation reflects what others would receive for performing similar duties in a similar setting. Not only is this important for tax purposes, but it’s needed to determine the value of your business. Total Compensation Package As the business owner, you’re likely to have related  Continue Reading »

Rose’s 1, LLC v. Erie Ins. Exch. State and federal courts have started to rule on breach of contract claims from plaintiffs whose businesses suffered economic losses triggered by the COVID-19 crisis. Thus far, the court decisions have not been favorable to the plaintiffs. In the instant case, a number of restaurants in the District  Continue Reading »

After a most unusual, volatile and unprecedented year for Maine businesses, your finances — and tax situation — may be unlike any other “normal” year. Filing your business taxes can oftentimes be stressful, but with the economic hardships of the past year, it can be even more challenging. The silver lining is that there is  Continue Reading »

Official Committee of Unsecured Creditors v. Calpers Corp. Partners, LLC In a bankruptcy-cum-Daubert case that turned on solvency, a court recently rejected both parties’ claims that the opposing financial expert testimony was inadmissible. Among the myriad of attacks (all unsuccessful) against the experts was the plaintiff’s claim that the debtor’s expert had relied on management  Continue Reading »

Every dollar counts, especially as the COVID pandemic continues to create economic uncertainty here in Maine and throughout the country. As tax season arrives, it can be helpful to learn about federal income tax credits that can significantly lower your tax obligations. It’s important to note that tax credits aren’t the same as tax deductions.  Continue Reading »

Magarik v Kraus Earlier this year, a New York trial court presiding over a buyout dispute featuring an online wholesaler of faucets, sinks, and fixtures rebuffed the departing shareholder’s valuation. His expert’s discounted cash flow analysis collapsed on account of unreasonable projections that the company had used to secure a loan from a bank. Dubious  Continue Reading »

Portland is known around Maine and New England — and even throughout the country — for its award-winning, creative and gourmet restaurants. Unfortunately, many of Portland’s restaurant businesses have struggled mightily during the COVID-19 pandemic. Some have even had to close. But a little relief may be on the way. In the recent Consolidated Appropriations  Continue Reading »

In re Happy Child World, Inc. A low-profile appraisal case in front of the Delaware Court of Chancery raised important valuation questions, including how the court should determine the fair value of a nonoperating entity and how it should deal with the value of claims both parties brought on behalf of the company prior to  Continue Reading »

Ever since the CARES Act was passed in early 2020, many businesses in Maine and across the country have been waiting for additional government action to help handle the economic fallout of the COVID pandemic. After much back and forth — and much delay — the Consolidated Appropriations Act (CAA) was signed into law just  Continue Reading »

NetOne, Inc. v. Panache Destination Management While the economy teeters during the ongoing COVID-19 crisis, courts are beginning to rule on lawsuits brought by businesses under various legal theories. In the instant case, the plaintiff suggested the defendant had breached the force majeure provision in two contracts. A force majeure (or Act of God) provision  Continue Reading »